惠泉啤酒(600573) - 2025 Q2 - 季度财报

Definitions This chapter defines key terms and entities, such as 'HuiQuan Brewery' and 'YanJing Brewery', providing essential context for the report - The report defines abbreviations for the company and its main related parties, including 'YanJing Brewery' for the controlling shareholder and 'Fujian YanJing', 'Fuding Company', 'Fuzhou Company' for subsidiaries[13] Company Profile and Key Financial Indicators This chapter presents the company's core financial performance for H1 2025, highlighting a 1.03% revenue increase and significant growth in net profit attributable to shareholders by 25.52% and non-recurring net profit by 43.20% Key Accounting Data for H1 2025 | Key Accounting Data | This Period (Jan-Jun) (CNY) | Prior Period (CNY) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 351,300,068.63 | 347,718,860.36 | 1.03% | | Total Profit | 45,770,410.87 | 36,605,902.19 | 25.04% | | Net Profit Attributable to Shareholders of Listed Company | 39,571,666.78 | 31,526,682.17 | 25.52% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Items) | 38,400,219.57 | 26,815,314.70 | 43.20% | | Net Cash Flow from Operating Activities | 122,414,735.11 | 136,018,888.06 | -10.00% | | Total Assets (Period-end) | 1,755,779,540.60 | 1,681,059,315.28 | 4.44% | Key Financial Indicators for H1 2025 | Key Financial Indicators | This Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 0.158 | 0.126 | 25.40% | | Basic EPS (Excluding Non-recurring Items) (CNY/share) | 0.154 | 0.107 | 43.93% | | Weighted Average Return on Net Assets (%) | 3.00% | 2.50% | Increased by 0.50 percentage points | | Weighted Average Return on Net Assets (Excluding Non-recurring Items) (%) | 2.91% | 2.12% | Increased by 0.79 percentage points | - Non-recurring gains and losses totaled CNY 1.17 million, primarily from government subsidies and fair value changes of financial assets[21] Management Discussion and Analysis Management discusses H1 2025 operating results, core competencies, business segments, and potential risks, highlighting comprehensive growth driven by strategic initiatives and analyzing key financial changes Discussion and Analysis of Operations The company's beer sales grew by 1.61% in H1 2025, outperforming the industry, with double-digit revenue and profit growth and a 1.16 percentage point increase in gross margin, driven by product quality, market, and brand strategies H1 2025 Operating Performance Overview | Indicator | Amount/Quantity | YoY Growth | | :--- | :--- | :--- | | Beer Sales | 12.12 10,000 KL | 1.61% | | Operating Revenue | CNY 351 million | 1.03% | | Total Profit | CNY 45.77 million | 25.04% | | Net Profit Attributable to Shareholders | CNY 39.57 million | 25.52% | - Through product structure upgrades, revenue per kiloliter for mid-to-high-end series increased, driving a 1.16 percentage point increase in gross margin[27] - The company's brand value continued to increase, reaching CNY 29.035 billion in June 2025, according to World Brand Lab data[27] - The company made progress in technological innovation and green production, with water, electricity, and gas consumption decreasing by 1.39%, 5.55%, and 3% respectively during the reporting period[28] Analysis of Core Competencies The company's core competencies include the highly recognized 'HuiQuan' brand in key markets and a comprehensive four-in-one management system that integrates quality, food safety, environmental, and occupational health standards with technology - The 'HuiQuan' brand, a China Famous Brand, holds high recognition in core sales regions like Fujian and Jiangxi, serving as a solid foundation for the company's development[29] - The company implements a four-in-one management system for quality, food, environment, and occupational health and safety, integrating informatization and industrialization, with quality and technology as core competencies[29] Analysis of Main Business This section analyzes the company's main business through financial data, noting a 28.13% decrease in administrative expenses and a 63.93% improvement in net cash flow from investing activities, with mid-to-high-end products and the provincial market dominating revenue Changes in Key Financial Statement Items | Item | Current Period (CNY) | Prior Period (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Administrative Expenses | 17,666,681.86 | 24,581,310.41 | -28.13% | | Net Cash Flow from Investing Activities | -50,375,584.42 | -139,672,391.52 | 63.93% | | Net Cash Flow from Financing Activities | -30,848,929.31 | 24,581,466.65 | -225.50% | Sales Revenue by Product Grade | Product Grade | Current Period Sales Revenue (CNY) | Prior Period Sales Revenue (CNY) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Mid-to-High End | 212,931,626.30 | 212,301,138.98 | 0.30% | | Ordinary | 131,627,680.07 | 129,859,079.63 | 1.36% | Sales Revenue by Region | Region Name | Current Period Sales Revenue (CNY) | Prior Period Sales Revenue (CNY) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Fujian Province | 239,050,235.77 | 236,971,040.35 | 0.88% | | Outside Fujian Province | 105,509,070.60 | 105,189,178.26 | 0.30% | Analysis of Major Holding and Participating Companies The report details the performance of four key subsidiaries, with YanJing HuiQuan Brewery (Fuzhou) contributing CNY 3.83 million in net profit, while Fujian YanJing HuiQuan Brewery Fuding incurred a net loss of CNY 0.82 million Operating Performance of Major Subsidiaries (Unit: CNY Million) | Company Name | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | | YanJing HuiQuan Brewery (Fuzhou) Co., Ltd. | 85.47 | 3.83 | 3.83 | | Fujian YanJing HuiQuan Brewery Fuding Co., Ltd. | 24.10 | -0.82 | -0.82 | | Hui'an Zhongxin Renewable Resources Recycling Co., Ltd. | 1.30 | 0.42 | 0.42 | | Fujian Quanzhou YanJing HuiQuan E-commerce Co., Ltd. | 0.33 | 0.02 | 0.02 | Potential Risks The company identifies four key operating risks: intense market competition impacting product and new product success, food safety control, environmental policy compliance, and rising costs from raw material price volatility and talent competition - The company faces major risks including: - Market Competition Risk: Product structure adjustments and new product development may not meet expectations - Food Safety Risk: Control risks across procurement, production, and sales - Environmental Risk: Environmental issues could significantly impact the company - Cost Risk: Raw material price fluctuations and rising labor costs[45] Corporate Governance, Environment, and Social Responsibility This chapter outlines the company's governance, environmental, and social responsibility status, noting no changes in directors or senior management, no semi-annual profit distribution plan, and active environmental information disclosure by the company and its Fuzhou subsidiary - No changes occurred in the company's directors or senior management during the reporting period[47] - The company's proposed semi-annual profit distribution plan is no distribution and no capitalization[47] - The company and its subsidiary YanJing HuiQuan Brewery (Fuzhou) Co., Ltd. (2 entities in total) were included in the list of enterprises required to disclose environmental information by law[48] Significant Matters This chapter covers the company's key commitments, related party transactions, and integrity, noting the controlling shareholder's long-term commitment to avoid horizontal competition and the company's routine related party transactions aimed at cost reduction, with both parties maintaining good integrity - The controlling shareholder, Beijing YanJing Brewery Co., Ltd., has strictly fulfilled its long-term commitment to avoid horizontal competition, made since 2003, which includes clear market area and product grade divisions, and support for HuiQuan Brewery's independent production, supply, and sales system[49][50] - The company has formulated a shareholder dividend return plan for the next three years (2024-2026), committing to distribute no less than 10% of the annual distributable profit in cash[50] - During the reporting period, the company engaged in routine related party transactions with its controlling shareholder and subsidiaries, primarily for the purchase and sale of beer and beverages, aiming to leverage resources and reduce procurement costs[53][54] - During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity, with no unfulfilled court judgments or significant overdue debts[51] Share Changes and Shareholder Information This chapter details the company's stable share capital structure and shareholder information, noting no changes in total shares, 17,758 shareholders, and the controlling shareholder's 50.08% stake - No changes occurred in the company's total shares or share capital structure during the reporting period[57] - As of the end of the reporting period, the company had 17,758 common shareholders[59] Top Five Shareholders' Holdings | Shareholder Name | Shares Held at Period-end | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Beijing YanJing Brewery Co., Ltd. | 125,194,578 | 50.08 | State-owned Legal Person | | Zhang Jianbai | 7,412,301 | 2.96 | Domestic Natural Person | | Liu Cun | 2,812,600 | 1.13 | Domestic Natural Person | | Du Chuanxia | 2,012,300 | 0.80 | Domestic Natural Person | | Sun Hua | 1,266,100 | 0.51 | Domestic Natural Person | Bond-Related Information The company reported no outstanding corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds during the period - The company has no outstanding corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[62] Financial Report This chapter presents the unaudited H1 2025 financial statements, showing a 4.44% increase in total assets and a 3.05% rise in net assets attributable to shareholders, with net profit attributable to shareholders growing 25.52% due to revenue growth, cost reduction, and lower administrative expenses - The financial report in this semi-annual report is unaudited[5][63] Consolidated Income Statement Key Items (Unit: CNY) | Item | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 351,300,068.63 | 347,718,860.36 | +1.03% | | Total Operating Costs | 308,025,660.25 | 317,367,537.36 | -2.94% | | Total Profit | 45,770,410.87 | 36,605,902.19 | +25.04% | | Net Profit Attributable to Parent Company Shareholders | 39,571,666.78 | 31,526,682.17 | +25.52% | Consolidated Cash Flow Statement Key Items (Unit: CNY) | Item | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 122,414,735.11 | 136,018,888.06 | -10.00% | | Net Cash Flow from Investing Activities | -50,375,584.42 | -139,672,391.52 | +63.93% | | Net Cash Flow from Financing Activities | -30,848,929.31 | 24,581,466.65 | -225.50% |